Equated monthly installment. An equated monthly installment (EMI) is defined by Investopedia as A fixed payment amount made by a borrower to a lender at a specified date each calendar month. Equated monthly installments are used to pay off both interest and principal each month, so that over a specified number of years, the loan is paid off in full..
Quote definition, to repeat (a passage, phrase, etc.) from a book, speech, or the like, as by way of authority, illustration, etc. See more.
Estimate means, with some assumptions and unspecified things, this is approximately the price. Quote means this is exactly what the price will be for the specified work (as attached). I don't use the terms proposal or bid. I also don't use contracts per se. I resist giving ballparks and numbers since once a number is uttered, it is all anyone remembers, even if the specifications, quantity, etc. change.